Prologis Wins Over Duke Realty in $26 Billion REIT Mega Deal
Prologis' (NYSE: PLD) perseverance has paid off. After months of failed negotiations, the company finally persuaded smaller rival Duke Realty (NYSE: DRE) to agree to a merger deal. The combination will create an even larger behemoth in the real estate investment trust (REIT) sector.
Here's a look at the deal and what it means for the industry.
Prologis has agreed to acquire Duke Realty in an all-stock deal valuing the fellow industrial REIT at $26 billion, including the assumption of debt. Prologis is already the largest industrial REIT -- and one of the biggest REITs overall -- with a market cap of more than $81 billion. The combination with Duke -- the second-largest industrial REIT, with a market cap of over $19.5 billion -- will give it a market value of more than $100 billion.
Source Fool.com
